According to the China Passenger Car Association (CPCA), the retail sales of passenger cars in October reached 2.25 million, with a month-on-month growth of 2% and a year-on-year growth of 3%. The surprising ring growth of October was pushed by the recovery of consumption capacity after the house price tends to stablize, and the ambition of automotive enterprises to achieve sales goals in the last quarter.
In terms of automotive types, the month-on-month growth of October was mainly due to the 5% month-on-month growth of SUV. Sedans saw a good rebound driven by new energy vehicles, while MPV still dropped off. Statistics showed that the October sales of self-owned brands grew by 9% compared to September. Besides, Japanese and German brands enjoyed a remarkable year-on-year growth and the month-on-month growth of October saw a good improvement.
This year also follows the rule of "Silver September and Golden October", the same as previous two years. The CPCA believes that the rule formed mainly due to the preferential purchase tax that took into effect from October, 2015 and began to drive the sales afterwards. Under such condition, many automotive enterprises released good news of promising sales. Some enterprises were even ambitious to reach 1 million annual sales. The Korean brand cars that underwent a slump before also reported growth recently.
By the statistics of the CPCA, the total sales of Dongfeng Nissan and Geely from January to October were 969,105 and 909,584 respectively, without much doubt to hit 1 million, while the total sales of Changan were 844,092, also with great potential to join 1 million group. To summarize, it's very likely that there may be seven automotive companies that have sold more than 1 million passenger cars by the end of this year.
The sales of new energy passenger vehicles in October reached 65,000, 7,000 more than September with a month-on-month growth rate of 102%. Among them, the sales of A00-class full electric passenger car was 34,300, accounting for 65% of the passenger car market. The secretary general of the CPCA, Cui Dongshu predicted that, the annual sales of new energy passenger vehicles in 2017 will exceed 500,000.